Self-employed borrowers – are often paid sporadically and have more than one stream of income, which makes it difficult for them to obtain a qualified mortgage.In fact, many of these loans will actually require higher FICO scores, along with other strong borrower attributes like steady jobs and plentiful assets. It is simply a loan that doesn’t fit into the complex rules associated with QM. First and foremost, a non-QM loan is not inherently high-risk. Usually this type of mortgage loan accommodates people who are not able to prove they are capable of making the mortgage payments.
#NON QM LENDER VERIFICATION#
Non-QM mortgage loans can fill the niche for those who don’t necessarily fit into the “qualified-mortgage box.” A qualified mortgage follows rules set by the CFPB and Federal Government however, a Non-QM loan use alternate methods of income verification to help you get approved for a mortgage loan. The fourth and final step is the funding of your loan, which means that you’re ready to move into your new home.Non-QM Mortgage Loans & Alternative LendingĪ Non-Qualified Mortgage ( Non-QM) is any home loan that doesn’t comply with the Consumer Financial Protection Bureau’s existing rules on Qualified Mortgages ( QM) offered by Non-QM lenders. Once you’ve sent in your application, we will continue the process by requesting an appraisal of the home you’re looking to buy. The third step in this process occurs when you apply for your loan, which can be done on our website.
This letter makes it easier for you to buy a home and tells you how much you are approved for. At this time, we will check your credit score and history, which will allow us to give you a pre-qualification letter. The second step is to pre-qualify for a loan, which is a straightforward process that requires you to input information about your residential history, current job, and total assets. When you first contact us, we can identify the amount you’ll be able to afford after a short conversation. We have a mortgage calculator on our website that should guide your decision-making process. There are several factors to take into account when making this decision.įor instance, it’s important to identify what monthly payment you can afford and the maximum amount of money you would like to borrow from your lender. The first of these steps involves deciding what amount you can afford when buying a home. In fact, it can be completed in as little as four steps. For instance, if you’re self-employed, we offer a loan that’s specifically designed to help self-employed individuals purchase a home without going through the hassle that occurs when applying for a conventional loan.Īt Non-QM Home Loans, we strive to make the process of obtaining a mortgage as simple as possible. We offer a wide selection of non qm loans to account for different needs. All that’s required of you is to state how much you earn, which will allow us to determine if you qualify for this type of loan.Īt Non-QM Home Loans, our team can also assist you in applying for another type of non-conventional loan.
When you select this type of loan, you don’t need to provide extensive documentation and paperwork supporting the money you earn. If you don’t bring in standard income, you might want to consider our stated income loan, which is a mortgage loan that we offer to people who are unable to provide proof of income. We can provide you with the financing you require to purchase the home that you’re interested in. While conventional loans may prove tricky to be approved for, we can help you fulfill your dream of owning a home by providing you with a non prime ( Alt-A) loan. Most lenders that provide traditional loans only accept proof of regular paychecks from a standard employer, which is nearly impossible to obtain if you don’t have a traditional job. In these situations, you may find it difficult to qualify for a conventional mortgage loan.
Let’s say that you bring in irregular income or are self-employed. If you’re thinking of applying for a non qualified mortgage loan, there are many situations in which we provide help for people who are unable to obtain a traditional loan.
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